PR Newswire
NEW YORK, July 10, 2019
NEW YORK, July 10, 2019 /PRNewswire/ -- J.P. Morgan Asset Management today released its fourth biennial survey of U.S. defined contribution (DC) plan sponsors, delivering insights into the actions of plan sponsors in positioning participants for retirement success.
The resulting white paper, titled "The Power of Being Proactive," reveals that while DC plan sponsors continue to feel a growing sense of responsibility for participants' financial wellness, many continue to take a hands-off approach to plan design and are falling short in achieving their goals.
"While it is certainly encouraging to see that more plan sponsors are taking responsibility for the financial wellness of plan participants, we still see a sizeable gap between the importance plan sponsors place on their goals and how successful they believe their plans are in achieving them," said Catherine Peterson, Managing Director, Global Head of Insights Programs at J.P. Morgan Asset Management. "The survey demonstrates the benefits of plan sponsors taking a proactive approach through measures such as automatic enrollment, automatic contribution escalation and streamlining investment decisions."
Results from the 2019 Retirement Insights survey of 838 plan sponsors reveals five key themes:
1. A Disconnect Between Plan Sponsor Intentions and Effectiveness
2. A Clear Link Between a Proactive Philosophy and Success
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3. Adoption of Automatic Features Continues to Rise, Although Misconceptions Remain
4. TDFs remain popular with plan sponsors, but knowledge still lags
5. Plan sponsors are satisfied with advisors and consultants
Key Implications for Plan Sponsors
"Our survey suggests that some DC plan sponsors have misconceptions about the concerns of their participants and are failing to take a proactive approach to plan design, with success suffering as a result," said Meghan Jacobson, CFA, Executive Director, J.P. Morgan Asset Management. "It has been demonstrated that features such automatic enrollment and automatic contribution escalation can have a significant positive impact on participation rates and savings levels, and working with advisors and consultants, plan sponsors may wish to consider the best way to take advantage of these features."
"Significant progress has been made to strengthen DC plans, with plan sponsors showing a strong and growing commitment to their employees' fiscal health," concluded Ms. Peterson. "However, the fact that many plan sponsors are still falling short of achieving their goals suggests that more needs to be done to adopt a proactive approach to plan design, in order to position participants for greater retirement funding success."
Methodology
To stay in tune with the goals, motivations and progress of employers as they continue to shape the evolution of their defined contribution plans, J.P. Morgan Asset Management undertook its fourth plan sponsor survey on this topic.
From January through March, 2019, the firm partnered with Mathew Greenwald & Associates, a market research firm based in Washington, D.C., to conduct an online survey of 838 plan sponsors.
All respondents are key decision-makers for their organizations' DC plans. All companies represented have been in business for at least three years, offer a 401(k) or 403(b) plan to their domestic U.S. employees and have at least 10 full-time employees.
Below are breakdowns of our sample of plan sponsors, both by plan assets and by organizational role. Results aggregated across plan size categories were weighted to reflect the size distribution of plans in the U.S. DC plan universe.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of $1.7 trillion (as of March 31, 2019), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. (NYSE: JPM), and its affiliates worldwide.
Any forecasts, opinions, statements of financial market trends or investment techniques and strategies expressed are those of J.P. Morgan Asset Management, unless otherwise stated, as of the date of the release. They are considered to be reliable at the time of this release, and may be subject to change without notice. Investing in Alternatives investments involves risks.
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated, J.P. Morgan Alternative Asset Management, Inc., and J.P. Morgan Asset Management (Canada), Inc.
J.P. Morgan Distribution Services, Inc., member of FINRA
Copyright 2019 JPMorgan Chase & Co. All rights reserved.
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SOURCE J.P. Morgan Asset Management
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